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Ch. 970 1961—Session Laws
of any endowment fund created hereunder shall have the power to sell any
property, real, personal or choses in action, of the endowment fund, at either
public or private sale. The board of trustees shall be responsible for the
prudent investment of any funds or moneys belonging to the endowment
fund in the exercise of its sound discretion without regard to any statute
or rule of law relating to the investment of funds by fiduciaries.
"Sec. 115-202. Expenditure of funds. It is not the intent that such en-dowment
fund created hereunder shall take the place of State appropria-tions
or any regular appropriations, tax funds or other funds made avail-able
by counties, cities, towns or school administrative units for the normal
operation of the public schools. Any endowment fund created hereunder,
or the income from same, shall be used for the benefit of the public schools
of the county, city or town involved and to supplement regular and normal
appropriations to the end that the public schools may improve and increase
their functions, may enlarge their areas of service and may become more
useful to a greater number of people. The board of trustees in its discre-tion
shall determine the objects and purposes for which the endowment
fund shall be spent. Nothing herein shall be construed to prevent the board
of trustees of any such endowment fund established hereunder from re-ceiving
pledges, gifts, donations, devises and bequests and from using
the same for such lawful school purposes as the donor or donors designate,
provided, always, that the administration of any such pledges, gifts, dona-tions,
devises and bequests, or the expenditure of funds from same, will
not impose any financial burden or obligation on the State of North
Carolina or any subdivisions of government of the State. The board of
trustees may with the consent of the donor of any pledges, transfer and
assign such pledges as security for loans. This consent by the donor may
be made at the time of the pledge or at any time before said pledges
are paid off in full. It is the purpose of this provision to enable the board
of trustees to have the immediate use of funds which the donor may desire
to pledge as payable over a period of years.
"Sec. 115-203. Where the donor or donors of said pledges, gifts, dona-tions,
devises and bequests so provides, the board of trustees shall keep
the principal of such gift or gifts intact and only the income therefrom
may be expended.
"Sec. 115-204. Property and income of board of trustees exempt from
State taxation. All property received, purchased, contributed or donated
to the board of trustees for the benefit of any endowment fund created
hereunder and all donations, gifts and bequests received or otherwise ad-ministered
for the benefit of said endowment fund, as well as the principal
and income from said endowment fund, shall at all times be free from
taxation, of any nature whatsoever, within the State."
Sec. 2. All laws and clauses of laws in conflict with the provisions of
this Act are hereby repealed.
Sec. 3. This Act shall be in full force and effect from and after its
ratification.
In the General Assembly read three times and ratified, this the 17th
day of June, 1961.
1274

Ch. 970 1961—Session Laws
of any endowment fund created hereunder shall have the power to sell any
property, real, personal or choses in action, of the endowment fund, at either
public or private sale. The board of trustees shall be responsible for the
prudent investment of any funds or moneys belonging to the endowment
fund in the exercise of its sound discretion without regard to any statute
or rule of law relating to the investment of funds by fiduciaries.
"Sec. 115-202. Expenditure of funds. It is not the intent that such en-dowment
fund created hereunder shall take the place of State appropria-tions
or any regular appropriations, tax funds or other funds made avail-able
by counties, cities, towns or school administrative units for the normal
operation of the public schools. Any endowment fund created hereunder,
or the income from same, shall be used for the benefit of the public schools
of the county, city or town involved and to supplement regular and normal
appropriations to the end that the public schools may improve and increase
their functions, may enlarge their areas of service and may become more
useful to a greater number of people. The board of trustees in its discre-tion
shall determine the objects and purposes for which the endowment
fund shall be spent. Nothing herein shall be construed to prevent the board
of trustees of any such endowment fund established hereunder from re-ceiving
pledges, gifts, donations, devises and bequests and from using
the same for such lawful school purposes as the donor or donors designate,
provided, always, that the administration of any such pledges, gifts, dona-tions,
devises and bequests, or the expenditure of funds from same, will
not impose any financial burden or obligation on the State of North
Carolina or any subdivisions of government of the State. The board of
trustees may with the consent of the donor of any pledges, transfer and
assign such pledges as security for loans. This consent by the donor may
be made at the time of the pledge or at any time before said pledges
are paid off in full. It is the purpose of this provision to enable the board
of trustees to have the immediate use of funds which the donor may desire
to pledge as payable over a period of years.
"Sec. 115-203. Where the donor or donors of said pledges, gifts, dona-tions,
devises and bequests so provides, the board of trustees shall keep
the principal of such gift or gifts intact and only the income therefrom
may be expended.
"Sec. 115-204. Property and income of board of trustees exempt from
State taxation. All property received, purchased, contributed or donated
to the board of trustees for the benefit of any endowment fund created
hereunder and all donations, gifts and bequests received or otherwise ad-ministered
for the benefit of said endowment fund, as well as the principal
and income from said endowment fund, shall at all times be free from
taxation, of any nature whatsoever, within the State."
Sec. 2. All laws and clauses of laws in conflict with the provisions of
this Act are hereby repealed.
Sec. 3. This Act shall be in full force and effect from and after its
ratification.
In the General Assembly read three times and ratified, this the 17th
day of June, 1961.
1274